VRSK dominated by bulls lifting the market higher throughout the day
Verisk Analytics Inc. (VRSK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VRSK ended the month -1.44% lower at 170.20 after surging $5.86 (3.57%) today, significantly outperforming the Nasdaq 100 (1.96%). This is the biggest single-day gain in over two months. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 164.53, Verisk Analytics confirmed its breakout through the prior session high after trading up to $6.57 above it intraday.
Daily Candlestick Chart (VRSK as at Jun 30, 2020):
Tuesday's trading range has been $7.43 (4.53%), that's far above the last trading month's daily average range of $4.79. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VRSK.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, VRSK actually lost -2.00% on the following trading day.
The market managed to close back above the 20-day moving average at 166.41 for the first time since June 22nd.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 173.77, upside momentum could accelerate should the share be able to break out to new highs for the year.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Verisk Analytics. Out of 216 times, VRSK closed higher 52.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.43% with an average market move of 0.76%.